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Memoria Y Balance 2016 Ingles.Pdf CONTENTS Letter from the chairman 1 | Relevant data 1 2 | Managing and supervisory boards 4 3 | Macroeconomic context- The country’s economic situation 9 4 | Argentine electricity market 12 5 | Description of our management activities 19 6 | Economic and financial situation 52 7 | Corporate social responsibility 58 8 | Processes and control 64 9 | Board of Director’s Proposal 66 LETTER FROM THE CHAIRMAN To the Shareholders: I hereby submit for your consideration the Annual Report, the Financial Statements and other documentation related to the fiscal year ended December 31, 2016, which the Board of Directors sends to the Company Annual General Meeting for the discussion thereof. The referred to documentation reflects the Company’s performance in its twenty-fifth fiscal year, which we consider as a period of transition between the “irregular” fiscal years to which I referred in my letter to you when I submitted for your consideration the Annual Report for fiscal year 2015, and the Company’s regulatory normalization. The path to the above-mentioned regulatory normalization began in January 2016, when the Energy and Mining Ministry issued Resolutions Nos. 6 and 7, which resulted in the issuance of a temporary electricity rate schedule by the ENRE and the commencement of the Tariff Structure Review process. The regulations issued also revoked SE Resolution No. 32/12, pursuant to which federal distributors had been granted a subsidy. For the Company this meant to begin to operate normally again, obtaining its income solely from the sales to its customers, that is to say, we began to live from what we do. After over a decade of irregular functioning, this milestone was, and continues to be, celebrated by all of us. However, a few months after the implementation of the temporary electricity rate schedule, the granting of provisional remedies suspending the application of the increases in certain districts, put the Company once again in financial jeopardy and on the verge of negative equity. Some of the referred to provisional remedies are still pending resolution and could have an impact on the Company’s finances in 2017. The previously described financial situation was partially mitigated by interim measures adopted by the government. However, those measures were insufficient to reverse the result of fiscal year 2016, which ends with an ARS 1.2 billion loss and insufficient equity. In spite of the fiscal year’s negative economic result, which was mainly due to the recording of the adjustments of the penalties imposed by the ENRE, we, at the Company, feel great satisfaction because after 12 years of the federal government’s failure to comply with the Concession Agreement and the Adjustment Agreement, the new administration has finally addressed and carried out the Tariff Structure Review, the first one in 25 years of concession, which ended with a new electricity rate schedule applicable as from February 1, 2017. This is definitely a historic event. This Tariff Structure Review process posed a great challenge for all the Company. We asked a major part of our personnel to focus on and direct their efforts to the preparation of our tariff proposal, which implied assessing the Company’s capital base, making projections of its desired level of performance over the next five-year period, analyzing and proposing what we will do and how we will do it, making projections of the investments necessary to meet the quality standards set by the regulator, proposing the electricity rate schedules necessary to reflect the required revenues, etc., and subsequently presenting that proposal at the Public Hearing and defending it against the arguments of the regulator, the customers and the society. It is impossible to describe such a challenge in two lines. The Tariff Structure Review resulted in an electricity rate schedule applicable over the next five-year period, which translates into revenues 18% lower than those requested. The income determined by the regulator and transferred to tariffs consider a capital base of ARS 34.5 billion, related to the net replacement cost of depreciated assets, a remuneration of capital that arises from applying a pre-tax capital cost rate of 12.46% over the referred to capital base, and operating costs of ARS 6.3 billion. Those numbers were calculated at values of December 2015. Looking ahead, the electricity rate schedule will be adjusted on a semiannual basis by indexes in order to reflect the inflation, provided its variation exceeds 5%, considering salary increases, and wholesale and consumer prices. The index used to bring the above-mentioned numbers to values of 2017 amounted to 38%. The resulting increase in the Company’s own distribution cost amounts to 42% for 2017 (including inflation) and two tranches of 19% and 17% for November 2017 and February 2018, respectively. This translates into higher increases for consumers inasmuch as the government grant to the wholesale price has also been partially cut, though maintaining the social tariff for all the consumers who meet the requirements. In the case of Edenor, 650,000 customers have been included in the social tariff benefit. At the same time, the Company had to continue operating: installing new electricity supplies; taking care of customer procedures/formalities in the commercial offices; maintaining its more than 40,000-kilometer network; making meter readings; issuing and delivering customer bills; collecting bills through the different payment alternatives; providing a prompt response in the event of power failures, which resulted in a decrease in power interruption times; answering calls at the call center; performing repair and maintenance actions; the million actions to prevent energy theft and to manage delinquent payments; the maintenance and development of the systems; the relationship with regulatory entities, both sector-related and financial, and of corporate control. To this end, almost 5,000 employees of the Company and another 3,000 of contractors, fulfil their daily tasks 24 hours a day 7 days a week, in all the concession area. Additionally, in the fiscal year I am presenting to you several noteworthy events occurred that are unrelated to the RTI and demonstrate the work and degree of commitment of the Company’s employees. One of those events is the completion of the technical project, whose objectives are to achieve higher efficiency and effectiveness in emergencies, an improvement in work productivity and quality, and an adequate follow-up and management of the assets comprising the distribution network. Thanks to its implementation we are among the most advanced distribution companies of the region in the use of technology. Furthermore, the EDENOR 2.0 application continued to be developed and is now becoming a real virtual office, allowing customers to do all they can do at a commercial office. In 2016 this application surpassed 500,000 users. Additionally, there was an all-time record number of hours of training and an all-time record number of new investments with 550 MVA in service and 1900 MVA under construction, as well as significant improvements in employee attendance and productivity. With regard to the period during which the federal government failed to comply with its agreed-upon obligations, which ended with the carrying out of the Tariff Structure Review, due to the fact that the previous administration had decided to mitigate the lack of operating income -as a consequence of the freezing of electricity rates- with other alternative mechanisms, the Company accumulated during such period regulatory liabilities for approximately ARS 9.5 billion, comprised of the following: accumulated penalties for a total of ARS 3.5 billion, imposed on the basis of a quality system that was not in line with the level of electricity rates paid by users and that did not reflect the Federal Government’s non- compliance; a commercial debt with CAMMESA for ARS 4 billion; and a debt with CAMMESA under loans for consumption (mutuums) that the Company was compelled to incur in order to be able to make investments, which in adjusted terms amounts to ARS 1.8 billion. Due to the aforementioned non-compliance, in 2013 the Company filed a complaint against the Federal Government, claiming not only the effective compliance with the obligations under the Adjustment Agreement, but also compensation for damages due to the non-compliance with such obligations. The amount of such damages are, of course, calculated net of the amounts received by the Company as subsidies during the same period. The solution to the regulatory liabilities and the receivable for damages caused during the period of non-compliance by the Federal Government remained pending by the end of the year being reported; therefore, the Company’s statement of financial position continues to reflect those liabilities. Therefore, fiscal year 2016 can be defined as an intersection between the issues carried over from the period of non-compliance by the Federal Government and the visualization of a regular and law-abiding period, in which we envision excellent prospects. That is the reason why we feel that this new fiscal year will be a refounding of the Company, in the year when it celebrates its quarter of a century anniversary. In this refounding we have a great challenge ahead of us: to improve our service drastically through the carrying out of investments aimed at the recovery of quality and an efficient operation of our resources; to rigorously tackle energy theft by implementing strong market disciplinary actions; to protect the Company’s property, and, in so doing, the investment of our shareholders. The commitment of each of the Company’s employees that day after day allows millions of people to receive electricity at their homes, industries, and places of business, is the basis of my conviction that those objectives can not only be accomplished but also surpassed.
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